Question 6. One day, a letter arrives in your mailbox. The letter comes from a trusted attorney firm, indicating that you have inherited money from a long lost relative, and that such amount has been accumulated over the last 50 years thanks to compound interest at 9.5% per year. You also know from family hearsay that the initial amount was $100,000.00. What is the amount you should expect to have inherited?
Question 6. One day, a letter arrives in your mailbox. The letter comes from a trusted attorney firm, indicating that you have inherited money from a long lost relative, and that such amount has been accumulated over the last 50 years thanks to compound interest at 9.5% per year. You also know from family hearsay that the initial amount was $100,000.00. What is the amount you should expect to have inherited?
Chapter4: Time Value Of Money
Section: Chapter Questions
Problem 18PROB
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